ZIMPLATS has released scores of workers from various departments of its mines as global platinum players move to cut costs amid falling prices.
The platinum miner follows other platinum players after profits slumped as metal prices plummeted over the past year due to weak auto production and concerns about a global economic slowdown.
Mimosa, the second biggest platinum miner recently released managers and supervisors in an attempt to lower its wage bill.
Platinum prices fell last year and are trading lower this year, threatening the profitability for miners of the metal despite persistently tight supplies.
More to follow…
